HomeMy WebLinkAboutBy-law 621/77?REPEALED BY
REPEALS
AMENDED BY
DISPOSITION
THE CORPORNTION OF THE TOWN OF PIC' ERING
BY-LAW NUMBER
Being a By-law to establish and maintain a
reserve fund for museum development
WHEREAS pursuant to the prc.:isions of subsection 1 of section 308
of The Municipal Act, R.S.O. 1970, c. 284, as amended, every
municipality may pro-,ride for the establishment or maintenance of
a veserve fund for any purpose for which it has the authority to
spend funds;
AND WHEREAS pursuant to the provisions of paragraph 74 of section 35-1
of the said Act, the Council of the Corporatior of the Town of
Pickering has enacted By-law Number x'77 for the operation of
a Museum;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TO'ANI O
PICKERING HEREBY ENACTS AS FOLLOWS:
1. A reserve fund shall be established and m::intained
for the purpose of setting aside any monies received
from the expropriation of or for compensation resulting
from the expropriation of Museum properties by the
Federal Government as well as all other monies that
may be received from time to time for Mu,5eum purposes.
2. All monies so received in each year shall be deposited
in a special bank account designated "Reserve: Fund -
Museum Development" on or before December 31st in that
year, and may be invested in such secuzities as the
Trustee may invest under The Trustees Act, and the
earnings derived from the investment of such cronies
shall form part of the reserve fungi:.
3. All monies forming part of the Reserve Fund - k:aseum
Development shall be used for the development of the
Town of Pickering Museum.
4. Notwithstanding the provisions in section 3, abcve,
any monies forming part of the Reserve Fund - 1^6aseuan
Development may be expended, pledged or applied for
any purpose other than that for which the fund is
established with the consent of at least two thirds
of the members of Council.,
5. The Auditor in his annual report shall report on the
activities and position of the Reserve lVnd - Museur,
Development.
By-law read a first, second and t1iird time and PASSED
this day of 1977.
Aayor
Administrator-Clerk